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Freddie Mac is Ready to Issue UMBS

Read more about the Progess Report

IRS Publishes 817(h) Guidance for UMBS TBA Contracts

Read more about the Guidance

Freddie Mac Issues Statement on Exchange Paths and Mirror Securities

Read more about the Exchange Paths and Mirror Securities

Vendor Testing Timelines

The Enterprises have been working closely with key vendors in the market to determine their testing schedules in preparation of the Single Security Initiative Go-live. Check out our consolidated Vendor Testing Timeline and contact your vendors to determine their development and testing plans.

We will update this timeline as vendors share their schedules. You can find the full timeline here.

Visit Tradeweb's newly developed Single Security Transition webpage displaying Tradeweb trading screens during the UMBS transition.

Seller/Servicer Checklist

Freddie Mac developed a readiness checklist to aid Seller/Servicers as they prepare for the implementation of the Single Security Initiative. The checklist provides key details firms should consider and activities they should undertake prior to June 3, 2019. Please review the document and continue to use Freddie Mac as a resource as your firm gets ready! Download our Seller/Servicer Checklist.

Market Readiness Testing

Testing is a critical component of your readiness and we are here to help! There will be various opportunities for your firm to test with the Enterprises and with your vendors throughout 2018 and into 2019.

Three Single Security Tabletop Testing Working Groups and a Live Exercise have been hosted with the industry in 2018. Please contact Jamie_Miller@freddiemac.com if you are interested in learning more about the Tabletop Testing sessions that were held. Meeting materials and notes from all of the past sessions are available below.

Readiness Roadmap

The industry is revving up for the implementation of the Single Security on June 3, 2019, with forward trading of the Uniform Mortgage Backed Security (UMBSTM) occurring even earlier. Will you be ready for this major industry change? Find out where you stand.

Conference Materials

Check out the agenda and videos below from the Single Security Conferences to learn more about these Single Security topics!

View 2019 Conference Material

View 2018 Conference Material

Additional Resources

For additional materials to help you get ready for the Single Security Initiative.

View Single Security site

Getting Ready for the Single Security Initiative

The Single Security Initiative is a joint initiative of Fannie Mae and Freddie Mac (the Enterprises), under the direction of FHFA, to develop a common mortgage-backed security. The objective is to combine the separate TBA markets of the Enterprises – currently $2.4 Trillion for Fannie Mae and $1.1 Trillion for Freddie Mac – into one larger, more liquid market. The Single Security Initiative will be Go-Live on June 3, 2019.

Please refer to our full Single Security page for additional resources and details.

March Newsletter

Welcome to the March edition of the Single Security Newsletter. Each month, we bring you information and reminders about the Single Security Initiative and suggest actions that you and your company may need to take to prepare for this critical change to the TBA mortgage-backed securities market.

View past newsletters here.

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